Volkswagen's Skoda considers withdrawing from China - media report
Reuters
Published Dec 11, 2022 06:14AM ET
Updated Dec 11, 2022 11:25AM ET
BERLIN (Reuters) - Czech carmaker Skoda Auto, part of Volkswagen (ETR:VOWG_p), is considering withdrawing from China and will make a final decision next year, CEO Klaus Zellmer was quoted as saying by the weekly magazine Automobilwoche.
"The competition is very intense there, so we will consider, together with our Chinese joint venture partner, how we want to proceed," Zellmer was quoted as saying. "If we want to focus our energy, it's worth checking all scenarios and then deciding."
The chief executive said the company could consider simply selling cars in China rather than also producing them there.
Skoda wants to focus more in India at the moment, he said.
Volkswagen said in a statement to Reuters that it was normal business procedure for Skoda to continuously be checking its position in international markets and adapt that to local developments.
"There have been no decisions so far on possible modifications in our strategy," the company said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.